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Stockbroker Blue Oar courts £20m rival

The stockbroker Blue Oar is running the rule over a £20m bid for rival WH Ireland - which has found itself at loggerheads with its shareholders.

At an annual meeting on Friday, WH Ireland's shareholders voted to block a deal to issue new shares to a consortium of high-profile investors. The investment group includes Carphone Warehouse co-founder David Ross, Tory party treasurer Lord Marland and Rupert Lowe, the former chairman of Southampton FC.

In spite of the shareholder revolt, the board has decided to press ahead, using permissions granted previously.

Blue Oar, headed by former Oriel Securities chief executive Andrew Monk, is now considering an offer for the broker, according to market sources. A merger of WH Ireland with another small-cap broker would be expected to lead to substantial synergies - and significant job cuts.

It is understood that WH Ireland has not yet received any offers, but a number of the